What Happen If You Have An Escrow Shortage or Surplus?

Hi, welcome to Houston first time home buyers edition. The dark gray skies outside will clear up, so put on a happy face:) What happen if you have an escrow shortage or surplus in your escrow account?

If you have an escrow shortage in your escrow account, you can choose to make one large payment to take care of the shortage or you can spread the amount over the next 12 months. You will need to call and speak with your mortgage company on how you will take care of the shortage.

On the other hand, if you have an escrow surplus that is more than $50, the amount will be refunded to you. For information regarding your escrow account, please call your mortgage company.

As always, thank you so much for stopping by. Remember, if you are thinking of purchasing your first home, please give us a call 713.204.8013 or Email us. We are here to help. We have been helping Houston first time home buyers since 2011 and we can help you. I hope you have an amazing day. Until next time...Diana